MEMBER OF HOUSEHOLD TEST
An examination that can be conducted to a dependent instead of the relationship test. If the person does not meet the qualifications in order to be considered a close relative by the IRS, he or she may still be called a household member provided that he or she lived in the taxpayer’s household for the whole year. Even if the individual passed away on the last day of the year, IRS will consider him or her a dependent. Domestic employees such as housekeepers and babysitters are not included from this treatment.
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GMD
ISO 4217 abbreviation for Gambian dalasi, official currency of Gambia. Introduced in 1971, it replaced the former national currency, the Gambian po ...
Breakeven Tax Rate
Tax rate that is neither profitable nor unprofitable for an individual, company, or institution to engage in a certain transaction. It refers to a ...
Beating The Gun
An informal and casual phrase used when an investor buys or sells a security at an advantageous amount by conducting a trade ahead of the market&rs ...
Consumer Debt
Debt incurred for purchasing consumable goods or products that do not appreciate. Normally, an individual gain no benefit from possessing high leve ...
American Recovery and Reinvestment Act
It is an act that was signed in February 2009 by US President Barack Obama. This act was initiated to respond to the country’s weak economic ...
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